Online property databases such as Zillow and Trulia are making buyers of luxury homes a lot pickier about prices. This in turn has led to some serious problems in the luxury market, where expensive homes are taking increasingly longer to sell. According to recent data from Trulia, since last year the U.S. luxury real-estate market has seen a significant increase in for-sale homes needing to reduce their asking price. Trulia’s analysis showed that 11.99 percent of luxury listings have experienced a price reduction since first appearing on the market.
November 7, 2016